News in brief:
– The EU pressures the US to promptly remove tariffs on Spanish olives, following a WTO ruling deeming them inconsistent with global trade rules.
– Spanish olive producers face significant export declines due to tariffs, prompting EU demands for resolution and garnering support from MEPs.
The European Union is urging the United States to swiftly eliminate tariffs on Spanish olives, following a World Trade Organisation (WTO) ruling that deemed the duties inconsistent with international trade regulations.
Recently, the WTO validated the EU’s contention that the anti-dumping and anti-subsidy duties imposed by the US on Spanish ripe olives violate global trade norms.
EU demands action from Washington
According to a statement by a European Commission spokesperson, if the WTO report is adopted, it will compel the US to promptly remove the tariffs. However, the US has the option to appeal, despite the absence of a functioning WTO appellate body due to previous blockades.
The EU remains resolute in its stance, asserting that there is minimal room for negotiation after enduring over five years of punitive tariffs against Spanish olive producers.
Before the imposition of tariffs in 2017, Spain dominated olive exports to the US, with imports valued at $67 million. However, by 2022, Spanish exports dwindled to $20 million, significantly impacting local farmers.
The EU Commission hailed the WTO ruling as a resounding victory, emphasizing the importance of adhering to fair trade practices. Socialist MEPs echoed these sentiments, condemning the US for adopting protectionist measures detrimental to free trade principles.
